Chart by TradingView
Key Support levels: $0.58, $0.50
Key Resistance level: $0.65, $0.70
After a very difficult last week, XRP appears to have found a good support level at $0.58, which has put a stop to the downtrend, at least momentarily. The resistance is not far off and sits at $0.65. Considering this price action, it may be that the bulk of this correction is behind us, and a relief rally may follow.
Trading Volume: The volume is decreasing after a very intense selloff last week. This explains why the price managed to hold above the key support.
RSI: The daily RSI is found in the oversold area and is trying to escape by moving higher. The first attempt was rejected, but the current price action may lead to another try.
MACD: The daily MACD remains bearish, and a consolidation period may be needed before any reversal can take place.
The current XRP bias is bearish, although sellers might be losing interest in taking it lower.
It appears that one of the more probable scenarios, at least for now, is for XRP to consolidate rather than dip further. If the bulls manage to break the key resistance at $0.65, then XRP could rally up to $0.70.
